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General Year End Tax Planning Strategies

General Year End Tax Planning Strategies

With 30 June 2013 just behind us, these are some strategies that you may find helpful when looking towards 30 June 2014. For most small business owners the end of the financial year requires a review of their operations – not only their tax planning strategies but also their cash flow requirements. Small businesses, defined

Insolvency Law Reform Bill 2013

Insolvency Law Reform Bill 2013

Late last year, the draft Insolvency Law Reform Bill 2013 was released by the government for comment and suggestions. The first changes made under this Bill are to commence from September this year. The Bill will amend the Corporations, Australian Securities and Investments Commission and Bankruptcy Acts. It aims to: Align and modernise the registration

Motor Vehicle FBT Changes

Motor Vehicle FBT Changes

In July this year the Federal Government announced that motor vehicle Fringe Benefits Tax (FBT) rules were to be changed to remove the statutory formula method of calculating fringe benefits tax. Current novated leases or company vehicles will not be affected provided there is no material change to the lease condition. Car leases signed after

Self-Educated Expenses Cap Delayed

Self-Educated Expenses Cap Delayed

The Government has decided to defer the introduction of the $2,000 cap on work related education expense deductions until 1 July 2015. Upon announcement of the policy change, there were widespread protests from the education sector and professional associations. The government have stated the delay will allow them to further consult on how to best

Warning Signs of Insolvency

Warning Signs of Insolvency

By recognising the warning signs of insolvency and implementing strategies to minimise risks, accountants, owners and managers may potentially avoid business failure and take steps to minimise personal risk. To determine whether a business is insolvent, a number of factors must be considered. Accountants, owners and managers need to assess their solvency and the following

Signs You May Have a Bad Accountant

Regardless of how long you have maintained your relationship with your accountant, and regardless of whether you have a personal or business accountant, or both, it’s wise to step back and assess him or her on occasion. After all, you have entrusted this person, or business, with your finances. Here are a few things to

Changes To Simpler Depreciation Rules

The small business instant asset write-off threshold has been increased from $1,000 to $6,500 for the 2012-13 income year. This means the long life small business pool and the general small business pool have been consolidated into a single pool to be written off at one rate. These amendments only apply to small businesses that

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